December 04, 2023

The Psychology of Decision-Making: Conquering Cognitive Biases for Better Results

1 hour 9 minutes

Right now, we’d like to thank the sponsor of this episode: LifeMD. Looking to lose weight and improve your health?

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In today’s episode, we tackle decision making with some of the world’s experts on the topic. First, Annie Duke, a former professional poker player now a coach and author of Quit, The Power of Knowing When to Walk Away. Next, David Siegel, CEO of Meetup.com and author of Decide and Conquer, shares his expertise on leadership decision-making. Dan Ariely, a Duke University professor and renowned author, who delves into overcoming indecision and regret. Finally, former intelligence officer and author Shane Parrish talks about his book Clear Thinking: Turning Extraordinary Moments Into Extraordinary Results.

From the influence of regret on our choices to the impact of blind spots on decision patterns, our guests offer practical strategies to enhance your decision-making skills. Join us as we explore the power of timely action, the significance of embracing change, and the transformative potential of making better decisions.

What to Listen For

Introduction – 0:00

Most people have no idea that this one mindset shift will lead to life changing improvements in decision making

Most people make bad decisions because of these factors – 9:28

How do most people get stuck in making decisions and what can you do to get unstuck?

What are the most common biases we have to overcome to make the right decisions?

How do you overcome the sunk cost problem so you don’t waste years of your life trying to make a prior bad decision work?

This bias stops people from reaching high levels of success – 21:39

Why are most people stuck making decisions that keep them where they are instead of making decisions that put them on track to where they want to be?

Use these tools to avoid making terrible decisions – 33:55

How do you create a habit so you make great decisions and avoid terrible decisions without even thinking about them?

Most people will never ask this simple question to obtain a mentor who could change their lives forever

People don’t prioritize this area of decision making enough – 44:09

How do you create rules for automatic success?

When is the right time to quit something you’re invested in?

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